The crypto industry has applauded a final EU vote on the landmark licensing law MiCA – but it's not over yet. jackschickler reports.
Explore the policy fallout from the 2022 market crash, the advance of CBDCs and more.
For Antoni Trenchev, Chief Executive Officer of Nexo, the approval shows that the “crypto industry has finally had this affirmation,” adding in an emailed statement that “MiCA makes Europe fit for the digital age and will foster innovation and fair competition.” The crypto lender last year announced it would cease U.S. business, saying that talks with regulators there had reached aOptimism about MiCA’s impact seems to be matched in the traditional financial sector.
The key question now is how companies will prepare. While the outlines of the law have been known for some time, there’s also a 12-18 month transition period that will start ticking in June or July, and getting ready will be a bigger task for some than others, according to Bitstamp’s John Ehlers. “There are now clear rules of the game for crypto exchanges to operate in the EU,” Binance’s Chief Executive Officer
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